Business & Finance
Brazil central bank hikes base rate to 12.50 percent
BRASILIA : Brazil 's central bank on Wednesday boosted its main interest rate to 12.50 percent, a quarter-point increas
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BRASILIA: Brazil's central bank on Wednesday boosted its main interest rate to 12.50 percent, a quarter-point increase, extending its effort to rein in inflation in the booming South American economy.
The increase keeps the base rate at the highest in the G20 group of developed and emerging economies and was the fifth hike this year.
President Dilma Rousseff, who only took over from predecessor Luiz Inacio Lula da Silva on January 1, had promised to bring the rate down, but has been caught by rising consumer prices.
Copyright AFP (Agence France-Presse), 2011
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